News
Adia eyes large stake in Daimler
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Abu Dhabi Investment Authority (Adia), the world's largest sovereign wealth fund which has bought into Citigroup, is interested in buying a large stake in Daimler, the German Focus magazine reported.
The magazine quoted sources close to the company as saying Daimler Chief Executive Dieter Zetsche was warm to the plan as the German carmaker was vulnerable to attacks from private equity investors due to its weak share price and the lack of large shareholders.
Focus also said Daimler managers were in talks with Adia. It added that Kuwait, Daimler's only major shareholder with a 7.6 per cent stake, plans to increase its holding in the company. Daimler had said it was not seeking another large shareholder.
"We do not comment on current and potential investors when their holdings are below disclosure levels," a Daimler spokesman told the magazine.
Dubai International Capital, the investment arm of the Dubai Government, in mid-2007 divested a two per cent stake in DaimlerChrysler in order to profit from higher share prices. The investment fund paid $1 billion (Dh3.67bn) for 20 million DaimlerChrysler shares in January 2005.
The magazine quoted sources close to the company as saying Daimler Chief Executive Dieter Zetsche was warm to the plan as the German carmaker was vulnerable to attacks from private equity investors due to its weak share price and the lack of large shareholders.
Focus also said Daimler managers were in talks with Adia. It added that Kuwait, Daimler's only major shareholder with a 7.6 per cent stake, plans to increase its holding in the company. Daimler had said it was not seeking another large shareholder.
"We do not comment on current and potential investors when their holdings are below disclosure levels," a Daimler spokesman told the magazine.
Dubai International Capital, the investment arm of the Dubai Government, in mid-2007 divested a two per cent stake in DaimlerChrysler in order to profit from higher share prices. The investment fund paid $1 billion (Dh3.67bn) for 20 million DaimlerChrysler shares in January 2005.